What Does Rand Paul's Presidential Campaign Mean For A Nervous Fed?
A woman walks past the Marriner S. Eccles Federal Reserve building as it is reflected in a puddle of water in Washington, D.C., U.S., on Tuesday, Jan. 27, 2015.
Photographer: Andrew Harrer/BloombergMANCHESTER, N.H.—Nearly six years ago, flanked by members of the Campaign for Liberty started after his father's presidential campaign, a longshot Kentucky candidate for Senate leaned into a bullhorn and called for the Federal Reserve to be scrapped.
"I don't oppose the Federal Reserve because it is secretive, though it is," said Rand Paul at an April 25, 2009, "End the Fed" rally. "I don't oppose the Federal Reserve because it lacks congressional oversight, although it does. I don't oppose the Federal Reserve because it's a private cartel, though it is. I oppose the Federal Reserve primarily because it wreaks havoc on the economy. We need to understand that this is the most important question of the last 30, 40 years. What caused the panic of 2008? Was it capitalism or was it the Federal Reserve?"